On April 15, 2026, the Greek-flagged crude oil tanker Asahi Princess gets ready off the coast of Syria’s Baniyas port refinery on the Mediterranean coast. Iraq has started exporting crude oil via tanker trucks via Syria, the Iraqi Ministry of Oil announced, as officials said oil revenues fell by more than 70% last month compared to February.
Bakr Alkasem | AFP | Getty Images
Oil prices rose on Friday as the strategically important Strait of Hormuz remained closed, with both the United States and Iran seizing ships, and as Middle East conflict continued to fuel energy instability.
International benchmark Brent crude oil futures for June delivery rose 2.2% to $107.38 a barrel in morning trading in Europe, while U.S. West Texas Intermediate futures rose 1.9% to $97.71 a barrel.
President Donald Trump said Thursday after a meeting with senior U.S. officials at the White House that prices had increased even though Israel and Lebanon agreed to extend the ceasefire. “The meeting went very well!” President Trump posted on Truth Social, announcing the extension.
The ceasefire was originally scheduled to last 10 days, but Washington has also pledged to help strengthen Lebanon’s defenses against Hezbollah, giving more time for diplomatic negotiations.
US crude oil prices since the beginning of the year
A ceasefire between the United States and Iran remains in place, but the conflict has escalated into a naval blockade that has closed off the vital Strait of Hormuz, as both countries seek to gain economic influence to secure a deal favorable to their interests.
“The longer the Strait closure continues, the greater the economic costs and the greater the likelihood that one side will be forced to withdraw,” the Commonwealth Bank of Australia said in a note released on Friday.
Before the war, approximately 20 million barrels of oil and petroleum products were transported through the strait each day.
“We believe the US will be the first to withdraw due to increased political and economic costs, but the risk of a major military escalation that would significantly boost the dollar remains,” the analysts said.
“We are facing the greatest energy security threat in history,” International Energy Agency Director Fatih Birol told CNBC on Thursday.
“As of today, we are losing 13 million barrels of oil per day… and there is significant disruption to critical commodities,” he told Steve Sedgwick virtually on CNBC’s CONVERGE LIVE in Singapore.
Mr Birol had previously warned that the Iran war and the ongoing closure of the Strait of Hormuz would result in “the biggest energy crisis we have ever faced” and called on governments to strengthen their resilience with alternative energy sources.
—CNBC’s Holly Ellyatt contributed to this report.
